Coinbase Custody and Wilshire Phoenix to create new investment fund

Posted 01 November, 2018

Coinbase custodial business is said to take part in the launch of the $500 million bitcoin fund in cooperation with  Wilshire Phoenix. The new fund will mainly deal with institutional investors.

The new business is said to be a statutory trust and likely to come into operation until the end of this year. Its capital will be limited – $500 million. After the launch of the fund, investors will get an access to the segment via another regulated solution.

"Coinbase Custody provides Wilshire Phoenix with a best in a class platform on which to securely store digital assets. They are steadfast in their commitment to implementing and executing solutions for institutional clients as opposed to merely talking about their future plans to do so. We are excited to have Coinbase in our corner and we look forward to our continued partnership in the months and years to come,” noted Bill Herrmann, Founder & CEO of Wilshire Phoenix. 

It is worth mentioning that the fund will support bitcoin, though it will apply a brand new way to reduce risks of sudden price changes. Besides, the bitcoin pricing model is said to be very complicated under the US Generally Accepted Accounting Principles.  Wilshire Phoenix believes that their system may help to avoid these challenges. The company targets the patent for now.

In addition, the new business will reportedly avoid derivatives or marginal trading.

Coinbase, in its turn, is also glad to enter in this agreement "to provide institutional-grade, compliant digital-asset custody." Along with custodial services, Coinbase branch will offer GAAP auditing of the assets when required.

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01 November, 2018 17:51

← Bithumb and seriesOne announce US-based security token JV

Bithumb, one of the leading South Korean trading platforms, reportedly plans to create a JV with the crowdfunding project seriesOne. The companies are going to develop and launch an exchange in the USA that will offer trading of security tokens. As the sources commented, the new business is still waiting for the approval of the related authorities in the country, in particular, Securities and Exchange Commission and Financial Industry Regulatory Authority. The new exchange is said to be launched in H1 2019. Bithumb will provide funding and technical assistance for the project.

Bithumb and seriesOne announce US-based security token JV

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01 November, 2018 14:03

Seoul agrees with USA on exception for oil imports →

South Korea can get exception and import Iranian oil further after the sanctions. Seoul has generally managed to come to terms with Washington regarding further oil imports from Iran. The USA will launch new restrictions against Iran in early November. In fact, South Korea is not the first country with such request. For now, many customers of the Iranian oil are negotiating with the US administration regarding this issue. Brent prices dropped to $74.57/bbl driven by the fact that OPEC members planned to ramp up production to cover the possible shortage of Iranian oil.

Seoul agrees with USA on exception for oil imports
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